Standard Chartered has revelead that its SME lending will continue to grow and will increase by approximately 45 per cent in its footprint markets of Asia, Africa and the Middle East over the next five years
Standard Chartered has revelead that its SME lending will continue to grow and will increase by approximately 45 per cent in its footprint markets of Asia, Africa and the Middle East over the next five years.
Peter Sands, Group Chief Executive of Standard Chartered said that, "SMEs are the true backbones of a number of economies in which we operate - and also vital drivers of long term economic growth and job creation. “
“we are demonstrating our commitment to further support our SME clients' needs and aspirations in and across our network in Asia, Africa and the Middle East," added Sands.
SME lending has grown continuously by about US$2 billion a year to US$21.1 billion in 2012, and the most recent full year results show lending being up 9.8 per cent in the last year alone. This latest pledge will see SME lending increase to at least US$30 billion by 2018.
As a result of continued increases in training and development as well as investment across new systems for SMEs, Standard Chartered currently supports around 680,000 SMEs across Asia, Africa and the Middle East.
The lending and advances facilities will include trade finance loans, business equipment loans, unsecured loans, overdrafts, leases, and mortgage loans/ loans against properties.
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